Asas Makeen Real Estate Development and Investment Co. Announces Contract Sign Off with BLOM Real Estate Investment Fund XII, represented by BLOM Invest Saudi Arabia in its capacity as the Fund Manager.

Asas Makeen signed a real estate development agreement with BLOM Real Estate Investment Fund XII to manage and execute a residential project in Al Narjis District, Riyadh, featuring approximately 290 units.
The estimated total execution cost is SAR 131,877,300, including SAR 11,223,600 in development management fees payable to the company over the 18-month contract period.
Asas Makeen will also subscribe to investment units in the fund worth SAR 14,958,000, supporting its strategy to invest in real estate funds and establish specialized partnerships.
The project is expected to have a positive impact on the company’s financial results starting from the satisfaction of conditions precedent and the receipt of the advance payment.

Element List	Explanation
Introduction	Asas Makeen Real Estate Development and Investment Company announces the signing of a real estate development agreement with BLOM Real Estate Investment Fund XII, managed by BLOM Invest Saudi Arabia in its capacity as the Fund Manager, for the development and execution of a high-quality residential project in Al Narjis District, Riyadh. The Fund’s target size is approximately SAR 303 million. The project will be developed on a land plot with a total area of 16,620.59 square meters and will comprise approximately 290 residential units, reflecting the scale and significance of the project within the Company’s portfolio of high-quality residential projects in Riyadh. The Agreement also provides for the Company’s participation in the Fund through the subscription to investment units with a total value of SAR 14,958,000. This supports the Company’s strategy of investing in real estate funds and establishing partnerships with specialized investment entities, pursuant to the relevant definitive agreements. This project forms part of the Company’s strategy to expand its real estate project management and development activities and establish effective partnerships with landowners and investment funds. This is expected to contribute to the investment and development of land into high-quality real estate projects, diversify the Company’s revenue streams, strengthen its market share, and support the long-term growth and sustainability of its business.
Date of Announcement of the Award	2026-07-09 Corresponding to 1448-01-24
Contract Subject Matter	A real estate development agreement for the development and execution of a residential project in Al Narjis District, Riyadh.
The Entity with Which the Contract was Signed	BLOM Real Estate Investment Fund XII, represented by BLOM Invest Saudi Arabia in its capacity as the Fund Manager.
Date of Signing the Contract	2026-07-09 Corresponding to 1448-01-24
Contract Value	The estimated total cost of executing the project, inclusive of the development management fees, amounts to SAR 131,877,300, excluding value-added tax. The development management fees payable to the Company under the Agreement amount to SAR 11,223,600, excluding value-added tax. Asas Makeen Real Estate Development and Investment Company will also participate in the Fund by subscribing to 14,958 investment units with a total value of SAR 14,958,000, in accordance with the terms of the Agreement and the relevant definitive agreements.
Contract Details	The Agreement provides for the appointment of Asas Makeen Real Estate Development and Investment Company as the Project Development Manager to undertake the management, development, and execution of a residential project in Al Narjis District, Riyadh, for the benefit of BLOM Real Estate Investment Fund XII, managed by BLOM Invest Saudi Arabia in its capacity as the Fund Manager. The project will be developed on a land plot with a total area of 16,620.59 square meters and will comprise approximately 290 residential units, in accordance with the terms and conditions of the Agreement and the related agreements.
Contract Duration	18 months.
Financial Impact and the Relevant Period	The Agreement is expected to have a positive impact on the Company’s financial results, subject to the progress of the project works and the satisfaction of the entitlement conditions stipulated in the Agreement, over the 18-month project execution period commencing from the date on which the conditions precedent are satisfied and the advance payment is made.
Related Parties	None
Additional Information	None